New funds will fuel growth of Maven’s end-to-end platform, with a focus on scaling its fertility & family building program, now the largest fertility benefits provider globally
NEW YORK, Oct. 8, 2024 /PRNewswire/ — Maven Clinic, the world’s largest virtual clinic for women’s and family health, today announced that it has raised a $125 million Series F funding round led by StepStone Group, with participation from existing investors General Catalyst, Sequoia, Oak HC/FT, Icon Ventures, Dragoneer Investment Group, and Lux Capital. This brings Maven’s total funding to more than $425 million.
“Over the last 10 years, Maven has created and scaled a comprehensive virtual care model in one of the most underfunded sectors in healthcare,” said Kate Ryder, founder and CEO of Maven Clinic. “The next decade is about transformation. We now have the platform breadth, depth, and data required to create the scaled change this industry so sorely needs. With each member supported, we continue to prove that to build better healthcare for everyone we must first build it for women and families.”
Maven Clinic offers the only global benefit to cover the entire reproductive life cycle on one platform, from preconception and family building to pregnancy, parenting, menopause and midlife. More than 2,000 clients in 175 countries trust Maven to support their employees, including Amazon, Microsoft, AT&T, Morgan Stanley and L’Oreal.
Maven will use the capital to further invest in Maven Managed Benefit, Maven’s fertility benefits administration platform, as well as reinforce and expand its end-to-end platform, which includes virtual care delivery across maternity, parenting and pediatrics, and menopause. Across its platform, Maven will invest in the technology powering its human-led care model, harnessing artificial intelligence to personalize and enhance care for its members. Additionally, Maven will use this capital to bolster its value-based offerings across both fully-insured and Medicaid populations.
Investing in Maven Managed Benefit, the only fertility and family building solution to integrate care and coverage in one place
Maven Managed Benefit (MMB) combines the best of a carve-out fertility benefit with virtual care and health coaching to deliver better outcomes for families and cost-savings for employers. MMB uniquely provides fertility education and Trying-to-Conceive (TTC) coaching, giving couples a pathway to conceive without IVF, while also ensuring those who need IVF receive the support and benefits they need to reach a healthy pregnancy. Maven’s performance network of 475+ fertility clinics are integrated with the virtual experience, allowing members to get real time updates on their benefits and costs on the same platform they receive fertility education and coaching. In the past year, Maven has become the largest fertility benefits provider globally by lives under management.
Increasing depth of support across Maven’s end-to-end platform
- Maternity & Newborn Care: Since 2014, Maven’s Maternity & Newborn Care program has set a new standard for prenatal and postpartum care. With more than 90% of Maven clients offering Maven’s maternity program, members are able to get support from the first trimester through returning to work. Clinical innovations include care matching based on cultural affinity, on-demand virtual doula care and doula reimbursement through Maven Wallet, and robust perinatal mental health and social determinants of health screening. Maven has achieved industry-leading platform engagement that ultimately drives better outcomes and cost savings, and has published 15 peer reviewed studies on its clinical and financial outcomes. In the past year, Maven’s Maternity & Newborn Care program has experienced more than 400% client growth. With this funding, Maven will leverage AI to further personalize care to support the diverse needs of its highest risk members across its commercial, fully-insured and Medicaid lines of business.
- Parenting & Pediatrics: Amid a parenting mental health crisis recently recognized as a public health issue by the U.S. Surgeon General, Maven is expanding its Parenting & Pediatrics product to meet the wide range of clinical and non-clinical needs parents face, from specialty pediatric care to support with complex learning and behavioral challenges. First launched in 2020 to support parents during the COVID-19 pandemic, membership in Maven’s Parenting & Pediatrics program has doubled over the last 12 months, and now has more than 3 million lives under management.
- Menopause & Midlife: With one in five people in the U.S. workforce in some phase of menopause transition, Maven’s Menopause & Midlife program provides a comprehensive approach to midlife health, encompassing not only symptom management but support for healthy aging for both women and men. Menopause & Midlife is Maven’s fastest-growing global program, with 300% year-over-year growth and more than 550 clients offering the program. With this funding, Maven will invest in deeper support for healthy aging, from chronic conditions to shifts in weight, sexual wellness, mental health and career satisfaction.
“Maven is a technology platform and a healthcare company in equal measure,” said Jason Lee, Chief Product and Operating Officer at Maven Clinic. “Over the past decade, we’ve built a human-centered care engine powered by years of data on effective ways to drive outcomes. Today, that allows us to harness artificial intelligence to deliver at greater scale. From automating administrative functions in our payments product to empowering providers and care coaches to more efficiently influence behavior change and outcomes, Maven shows up for our members wherever they are in the world or in their health journey.”
Deepening value-based maternity care
Maven will use its Series F funding to enhance its value-based partnerships in maternity care, realizing its vision to make quality, equitable healthcare more accessible to everyone.
Since 2022, Maven has tripled its Medicaid market presence, and demonstrated that it can engage Medicaid recipients early and often in their pregnancies: pregnant Medicaid members have 20+ touch points per month in the Maven platform.
Maven has consistently demonstrated the ability to deliver better pregnancy outcomes at lower cost across diverse populations. Through Maven, employers and health plans see a 2:1 clinical ROI, and the company has proven that it reduces C-section rates by 8-20% and NICU admissions by 20-28%.
“For a decade, Maven Clinic has defied preconceptions, repeatedly proving that women’s healthcare can be intuitive, technology-first, and high-quality for every customer, from patients to employers to payers and providers,” said Seyonne Kang, partner at StepStone Group. “We look forward to seeing Maven continue reimagining healthcare for families in the coming years.”
About Maven Clinic
Maven is the world’s largest virtual clinic for women and families on a mission to make healthcare work for all of us. Maven’s award-winning digital programs provide clinical, emotional, and financial support all in one platform, spanning fertility & family building, maternity & newborn care, parenting & pediatrics, and menopause & midlife. More than 2,000 employers and health plans trust Maven’s end-to-end platform to improve clinical outcomes, reduce healthcare costs, and provide equity in benefits programs. Recognized for innovation and industry leadership, Maven has been named to the Time 100 Most Influential Companies, CNBC Disruptor 50, Fast Company Most Innovative Companies, and FORTUNE Best Places to Work. Founded in 2014 by CEO Kate Ryder, Maven has raised more than $425 million in funding from top healthcare and technology investors including General Catalyst, Sequoia, Dragoneer Investment Group, Oak HC/FT, StepStone Group, Icon Ventures, and Lux Capital. To learn more about Maven, visit us at mavenclinic.com.
SOURCE Maven Clinic
